Bilateral Cooperation:

India and Costa Rica have established a comprehensive framework of bilateral agreements and Memoranda of Understanding (MoUs) that underline their commitment to mutual cooperation which includes the agreement for the creation of the Centre for Excellence in Information Technology, facilitating diplomatic exchanges through Foreign Office Consultations, enhancing diplomatic training through collaboration between the Foreign Service Institute (FSI) of India and the Costa Rican Diplomatic Academy, simplifying travel procedures for diplomatic and official personnel, fostering future collaborations in biotechnology, and promoting economic ties and trade. Costa Rica has also signed the International Solar Alliance (ISA) Framework Agreement (yet to be ratified) and established the India-Costa Rica Joint Economic and Trade Committee (JETCO) to explore economic opportunities. These agreements collectively highlight the multifaceted collaboration between the two nations, reinforcing their shared commitment to advancing mutual interests and partnerships.  Through such initiatives and ongoing cooperation, India and Costa Rica continue to work closely, exemplifying their dedication to fostering stronger ties and mutual development in the spirit of South-South Cooperation.

Trade, Economic and Commercial Cooperation:

The trade relationship between India and Costa Rica has steadily grown over the years, reflecting the strengthening economic ties between the two nations. In 2021, India’s total merchandise exports to Central America amounted to $1.9 billion, with Costa Rica contributing significantly, accounting for 7.7% of this total. India’s top exports to Costa Rica include motor vehicles, agro chemicals, pharmaceuticals, two and three-wheelers, iron and steel, and medical and scientific instruments. On the other hand, India’s imports from Central America reached $1 billion, with Costa Rica’s share standing at 6.4%. This trade exchange of goods showcases the mutual interest and diverse trade avenues explored by both countries. Costa Rica’s key exports to India include wood products, medical and scientific instruments, surgical instruments, paper products, computer hardware, and iron and steel. Additionally, Indian investments in Costa Rica have been notable, particularly in sectors such as finance, insurance, real estate, and business services. Leading Indian IT companies like Infosys, Wipro, WNS, L&T Infotech and CSS Corp have established a presence in San José, while other sectors are witnessing growing collaboration. These trends reflect the mutual commitment to expanding economic cooperation and further deepening the India-Costa Rica trade relationship.

Visit of Minister of State for External Affairs Ms Meenakshi Lekhi at the Costa Rican stall on the Dia E celebration at Cervantes (April 2023)